JEL classification– G11, G12The aut

JEL classification
– G11, G12
The author would like to thank Simon Benninga, Scott Cederburg, Björn Eraker, Christoph
Kaserer, Christian Schlag, Niklas Wagner and two anonymous referees for helpful comments and
discussions. Earlier versions of the paper have also benefited from comments by participants at
the International Conference Operations Research, the Annual Meeting of the Midwest Finance
Association, the 12th Symposium on Finance, Banking and Insurance, the CEQURA Conference
on Advances in Financial and Insurance Risk Management and the HVB-Unicredit Seminar.

Results (Indonesian) 1:

JEL klasifikasi-G11, G12Penulis ingin mengucapkan terima kasih kepada Simon Benninga, Scott Cederburg, Björn Eraker, ChristophKaserer, Christian Schlag, Niklas Wagner dan dua anonim wasit untuk komentar membantu dandiskusi. Versi sebelumnya kertas juga telah menempuh Komentar oleh peserta diKonferensi Internasional operasi penelitian, pertemuan tahunan keuangan MidwestAsosiasi, simposium 12 keuangan, perbankan dan asuransi, konferensi CEQURApada kemajuan dalam manajemen risiko finansial dan asuransi dan Seminar HVB-Unicredit.